Quarterly Report to Shareholders 31 December 2010

During the Quarter and subsequently in January 2011 Oilex Ltd (“Oilex”, ASX, AIM: OEX) has made significant progress on its Cambay tight gas and oil project in advancing contract negotiations for a rig and services, achieving the revision to the Cambay oil sales agreement, submitting the data to the independent reserves certification authority and relocating its India operations office to Gandhinagar, the capital of Gujarat.

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